Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

The point I am making about the situation in Spain is that a significant retail bank which was managed under the single supervisory mechanism was involved in a merger and the management of risk happened without the contagion effect within the Spanish or European economy that was the norm a number of years ago. The Deputy is correct when he says Italian taxpayers' money was used in dealing with the situation in Italy. The Italian Government made that decision in recognition of the fact that the way debt was held in the Italian banks was very different from the European norm. That was agreed to by the single supervisory mechanism and the European Commission.